California’s insurance commissioner Ricardo Lara spoke out after the state’s largest home insurance provider announced that it would discontinue coverage for tens of thousands of policies this summer.
Tag: homeowners insurance
State Farm Non-Renewing 72,000 Policies in California
State Farm released the following statement regarding its decision to non-renew 72,000 policies in California.
Customer Satisfaction with Homeowners Insurance Property Claims Declines to 7-Year Low
According to the J.D. Power 2024 U.S. Property Claims Satisfaction StudySM, released today, the increase of severe storms has led to a larger number of high-severity claims and notably longer time frames for all major steps of claims—estimating the damage, paying the customer and completing the work—all negatively affecting satisfaction, which declines to the lowest level in seven years.
Claims from Central U.S. Severe Storms Top 27,000
Several insurers have taken in more than 27,000 claims related to mid-March severe convective storms across the middle of the country, from Texas to Ohio.
Millions of Consumers Lack Vital Homeowners Insurance, Resulting in $1.6 Trillion in Unprotected Market Value
A new report by Consumer Federation of America (CFA) reveals that over six million homeowners lack homeowners insurance, leaving them dangerously unprotected from natural disasters and other significant damage that might happen to their homes.
States Dig Into Homeowners Insurance and Why It’s Hard to Buy
State regulators around the country asked hundreds of insurance companies on Friday to provide the details of how they price and structure their homeowner policies, part of an attempt to dig into why many property owners are struggling to get and keep coverage.
Climate Change Has Hit Home Insurance. Is Health Insurance Next?
Climate change is making house insurance more expensive and harder to get. Health insurance could be next, as research shows extreme heat and wildfires are putting more people in the hospital.
Homeowners Stressors Expand Beyond Coasts as Storms, Wildfire Risk Intensify
Nine of the 10 states with the worst 2012-2022 median direct combined ratio for U.S. homeowners/farmowners are landlocked, according to a Best’s Market Segment Report. Only No. 9 Georgia, with a 94.7 combined ratio for the period, is a coastal state.
Alera Group P/C Outlook: Greater Stability in Commercial Lines, Heightened Challenges in Personal Lines
While there are positive signs – including new capacity coming into the marketplace – unprecedented industry losses and unprofitability in Homeowners and Auto Insurance will significantly impact pricing and availability, especially in catastrophe-prone areas and states with challenging regulations.
New Poll Shows Voters Oppose CA Insurance Commissioner’s Home Insurance Plan By 2 to 1
A new poll finds that Insurance Commissioner Lara’s plan to allow insurance companies to increase premiums for all Californians in exchange for a promise to insure homeowners in higher wildfire risk areas is opposed by a 2 to 1 margin, 62% opposed to 30% in support